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COMMISSIONER OF INCOME TAX Versus AMAR CORPORATION

2016 (7) TMI 923 - GUJARAT HIGH COURT

Evidence under section 158BB - statement of the respondent as well as of the employee alongwith the documents seized - Held that:- The retraction of the statement was made by Shri Chimanlal Shah by making an affidavit which was filed in this office after about two to three months. The statements under section 132(4) of the Act were recorded on 18.06.2003 and 01.08.2003 where as the affidavit for retraction by Shri Chimanlal Shah was filed in this office on 26.09.2003. If the statement of Shri Ch .....

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the unaccounted income of the assessee - Whether evidence found as a result of search or other such materials or information is sufficient enough to conclude that there was concealment of income? - Held that:- When in respect of previous Assessment Year 2004-05 also the Tribunal had dismissed the HC-NIC Departmentís appeal on the ground that the addition in that year also was based on extrapolation, it emerged beyond pale of doubt that for the addition made for the year 2005-06 there was no .....

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efore, heard together and disposed of by this common order. For the purpose of all appeals, we adopt following questions for our consideration: (A)Whether on the the facts and circumstances of the case and law, the statement of the respondent as well as of the employee alongwith the documents seized would tantamount to evidence under section 158BB of the Income Tax Act or whether the statement recorded under section 132(4) has only very limited application ? (B) Whether the evidence found as a r .....

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06.2003, a search operation u/s. 132 of the Income Tax Act was carried out at the office premises of the assessee firm and residential premises of Shri Bimal Chimanlal Shah, one of the partners. During such search, several incriminating documents were recovered. The investigation led to a prima facie revelation that the assessee had received onmoney @ ₹ 180 per sq.ft Accordingly, the Assessing Officer while passing order on 28.03.2006 had worked out the amount of on-money and made the addi .....

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se appeals pertaining to the assessment years 1998-99 to 2004-05 (except AY 2001-02). The respondent-assessee has also filed cross objections for these years. The Tribunal vide judgement dated 31.03.2011 partly allowed one appeal of the Revenue and dismissed the rest appeals and also partly allowed the cross objections filed by the assessee. 5. It is this judgement of the Tribunal which the Revenue has challenged before us. 6. Learned counsel for the Revenue submitted that the Tribunal committed .....

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t factor is concerned, the retraction of the statement was made by Shri Chimanlal Shah by making an affidavit which was filed in this office after about two to three months. The statements under section 132(4) of the Act were recorded on 18.06.2003 and 01.08.2003 where as the affidavit for retraction by Shri Chimanlal Shah was filed in this office on 26.09.2003. If the statement of Shri Chimanlal Shah was recorded by using duress, intimidation or coercion, they would have immediately on the same .....

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same is dismissed. 9. So far as second question is concerned, we find that the same is covered by decision of this Court in case of CIT vs. Amar Corporation (supra). This Court while considering the same issue held and observed as under: 5. It could be seen from the facts that the housing projects were developed during the years prior to Assessment Year 2004-05. The search was conducted on 18.06.2003 wherein the loose papers or the documents were seized. The material seized in form of loose pap .....

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